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TODAY'S OTHER NEWS

Prominent buy to let lender resumes valuations as ‘normal’ market nears

Aldermore Bank is this week resuming physical mortgage valuations on properties for house purchase and remortgage in England, where strict social distancing and safety measures are met. 

The bank had put physical valuations on hold during lockdown and moved to remote valuations.

Aldermore says it will ensure a detailed risk assessment is undertaken ahead of a valuation appointment so that the safety of surveyors and residents is prioritised in line with Government guidance.  

Remote valuations will continue to take place when possible in Scotland and Wales - where lockdown relaxation measures are not as advanced as in England - and applications in these countries that require a physical property valuation will be put on hold until social distancing restrictions have been eased.

Physical valuations on buy to let properties in England are anticipated to recommence shortly, and Aldermore will in the meantime continue to conduct remote valuations when possible. 

Larger rental properties such as HMOs will not be suitable for a physical mortgage valuation until social distancing restrictions have further eased.

Last week many other BTL lenders resumed physical valuations as the market moves slowly back to a near-normal level of working.

An Aldermore spokesman says: “We are keen to help the many customers in the UK looking to get going on their home buying and selling plans, but we must be cautious and responsible in how we open up. The new government guidance is encouraging in allowing the housing market to get moving again, and ensuring safety is a priority will help build confidence in the long term.

“The protection of our customers and surveyors is our primary consideration so we are committed to adhering to meticulous social distancing procedures. We are working towards physical valuations for buy to let properties and will have an update on this shortly.” 

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